The JMB

Check out our Airbnb listings in Colorado and Texas airbnb.com/users/51779416…

@sweatystartup 4) you can travel wherever you want without worrying about the price in first class 5) you can travel wherever you want without worrying about the price in a chartered jet 6) you can travel wherever you want without worrying about the price in a PJ you own

There are only 3 levels of wealth: 1) you can pay your bills and your rent without stress 2) you can eat at any restaurant without looking or worrying about the price 3) you can travel wherever you want without worrying about the price Beyond this, life doesn’t change with more money.

@hanslorei So you’re saying I just need to go buy a suburban house built in he early 2000’s then I’ll be in the cool kids club, all joking aside, anything besides grey/white kitchens is a step in the right direction

Emerging out of a long exile, after the long reign and inglorious fall of the Tuscan Kitchen, Travertine is sneakily making its way back into the cool kids club

@MrJonesSTRs Bookings are like drugs, over time you need bigger and bigger hits to get you excited, now I get pissed off if I have to deal with any bookings less than $1000 😂

Big boy bookings are pouring in Continuing to scale our Short Term Rental Portfolio 🚀

@rohindhar Location doesn’t seem to matter as much as desirability of the specific property. Our special/unique places are still going very strong, but my more average properties are down about 15% YOY. Overall STR demand still strong, but guests have more choices due to increased supply

STR folks, how is your summer occupancy looking? Any concerns or all good? Concerning for two of ours with mostly empty summer calendars (so far): Asheville, NC (out in the country) Mt Hood, OR Rest of the properties are about at expectation (Sonoma, Kauai, Taos, Yosemite)

@isaacfrench_ @ArtemTepler @LiveOakLake How do you limit Airbnb and VRBO bookings? Do you only open up those calendars last minute or do you price them higher than your direct site?

@ArtemTepler @LiveOakLake I currently at 75% direct, 23% Airbnb, 2% Vrbo Airbnb still serves a purpose especially for last minute openings and random orphan nights

I grew 100,000 followers (from scratch) on insta/fb for my cabin resort @liveoaklake in 1 year. This following drove ~$700k gross rev, resulting in an *extra* ~$100k NOI in 12 mo (since I cut Airbnb/Vrbo commissions out). Here’s the play book👇

@Camp4 Interesting take, the pendulum has swung back and forth for me. In college and early in career I took pride in never taking notes, thinking it was too distracting and didn’t allow me to focus discussions. Now with a little age, my memory is not as sharp, and notes are a must

Contrarian take: Detailed note-taking in meetings is a net negative. The CEO of a BigCo I worked for hired a consultant-type to take notes and track to-dos in our executive team meetings. It was a disaster. The notes were 95% useless noise and the to-do list quickly grew to dozens of low-value tasks. If something’s not important enough to remember then it’s not important period. (I’m not talking about jotting down a few things, I’m talking about those people who take fastidious notes.)

@BuilderMonk So tough to sit on cash in RE! Good for you for having the discipline to do it. I sometimes say RE investing is a disease, if I have too much cash I get all clammy and uncomfortable if I don’t invest it in a new property 😂

I keep roughly $300k in cash to feel safe. Ridicule me but I can make payments on my real estate investments basically as long as I need to. This shit is risky and you gotta have cash on hand.

@rohindhar Same! Not sure it’s intentional, but every property I have ever bought had been sitting on the market for a long time, even in hot markets. Usually overpriced by seller, and/or very undesirable traits I have had to mitigate

For our real estate purchases, it’s been clear to us that everyone else in the market can offer more money & better terms. So we only offer on weird stuff where we’re likely to be the only bidder. But has to be the right kind of weird stuff we love but other bidders don’t.

@Aldigity This is compared to what they make working for cleaning companies which is typically $15-$20 per hour. With us they usually end up making about $50-$70 per hour though we don’t pay hourly. They are paid per clean.

@Aldigity We pay our cleaners the full cleaning fee we charge guests for each property. We set our cleaning fee based on market rates for comparable properties. Then we typically pay them $150 per month for “property management” for all the small extras. Bigger asks are paid case by case

Yeah it’s possible to manage a portfolio of short term rentals remotely but it requires two things: 1. Being a top 1% operator when it comes to systems and tech 2. Paying a healthy premium to your cleaner and / or maintenance person to be an on the ground ops manager

@Levijameshere Lol! Every time my wife says she’s making paella I immediately wish I was invested in a saffron farm

@STR_noob @rohindhar Yep!

@theoriginaljmb @rohindhar Is this the dam repair at NB? - specific to your place on lake M?

I did it! I waived the white flag and converted a lake house that I bought as an STR to rent on Airbnb into a long term rental, luckily it still cash flows as a LTR

@rohindhar Lol yeah that would have been great for the reviews

@theoriginaljmb Though the comedy that would ensue when guests arrived to a lake house with no lake could be pretty entertaining 😂

@rohindhar Obviously no lake is going to hurt our STR revenue, so LTR made more since while the lake is drained. We knew the lake would be drained when we purchase which allowed us to get a big discount on the house.

@rohindhar When buying an STR we project a ceiling and and floor for revenue, we won’t move forward unless our floor is cash flow positive. This property’s revenue first year was at our floor projection, which is manageable, but the lake is being drained for damn repairs for two years.

@rohindhar It’s a very quite source of revenue for them earning interest off guest’s money. This is how payroll companies like ADP and Paychex make a good portion of their profits as well. They are just more open about earning “float” on customers money.

All of a sudden I’m very curious about this point: Where does Airbnb keep their deposits for future bookings? (Please don’t tell me in a $5BN checking account at SVB 😩)

@rohindhar Bad ass and congrats! I feel your pain, we lived in SF back in 2014 and we tried so hard to buy a place in the city back then but could never pull it off. So we moved to Austin which ironically turned into the crazy RE market we tried to leave.

Well if there’s any upside to rising interest rates and everyone leaving the city, here it is… We became homeowners in San Francisco! Bought a little 2-story condo with a private backyard in the city’s very walkable Richmond district.